Growing demand for generative artificial intelligence has sent stocks of many AI companies soaring, including chipmaker Nvidia and Microsoft, which backs ChatGPT. RBC Capital Markets has identified three little-known companies poised to cash in on the AI boom. In a note to clients dated March 19, the Canadian investment bank said companies that have been “significantly impacted” by the rise of AI include Australian data center operator NextDC, French electrical equipment giant Schneider Electric, and British electric company Schneider Electric. Three companies were listed, including parts manufacturer nVent Electric. All three stocks are also traded in the US. At the heart of this burgeoning trend is the enormous computing power and energy demands needed to train generative AI models. RBC says that major cloud companies like Amazon, Microsoft, and Google are packing tens of thousands of power-hungry AI chips into their data centers (facilities that host computer servers), and infrastructure such as cooling systems and electrical equipment. It was pointed out that the demand for At his NextDC in Australia, RBC says growth with AI has already translated into a massive 1 gigawatt pipeline of projects focused on AI training and inference workloads. To meet that demand, NextDC announced plans for new data center facilities dedicated to generative AI workloads, including a Sydney facility designed “dedicated to AI Factory and Sovereign AI.” On March 15, RBC analyst Jonathan Atkin raised his price target to $19 per share, assuming a 9.5% upside. The consensus price target also suggests an upside of 9.5%, according to FactSet. According to RBC, the nVent electrical component manufacturer is also set to benefit from a surge in demand for liquid cooling systems and power distribution units (PDUs), which are essential products for supporting AI hardware. The investment bank noted that more than 40% of nVent's data center division's revenue growth this year is expected to come from liquid cooling and PDUs. RBC analyst Dean Dray of NVT 1Y Line expects the stock to remain flat over the next 12 months. That's partly because the company's stock price has risen an astonishing 72% over the past year. So far this year, nVent stock is up 23%. Schneider Electric French industrial giant Schneider Electric is also a major beneficiary identified by RBC. Orders for the company's data center cooling systems and power distribution equipment are surging as Big Tech companies build AI-optimized facilities. RBC analyst Mark Fielding said, “Schneider Electric expects continued growth in its data center and networking divisions to exceed 10%, making these divisions a key part of the company's overall growth strategy. “It emphasizes its enduring importance.” Mr. Fielding is bearish on the stock, with a sell rating and a price target of 23% downside. The stock is up 18% this year and more than 45% in the past 12 months. According to FactSet, the consensus among analysts is an “unchanged” rating, suggesting a 7.1% downside price target. —CNBC's Michael Bloom contributed reporting.